Get out of credit agreement after cooling off period

fozmcfc

Why not contact them and let them know your situation. There may be a chance of cancelling, if you can prove reduced income.

Otherwise, it's not a bad idea as Mara says to sell it, then use the money to start paying back, it is interest free at least.

That should give you breathing space to try to increase income. Also look at selling items that you no longer use such as old laptops, dvd's, cd's which you can then put towards the payments as well.

Ultimately if you end up with the sofa, you are going to have to pay otherwise your credit rating will be trashed for 6 years or so, which isn't worth it for a sofa.

Good luck and if you find yourself struggling, why not try the debt free wanabee boards, a very friendly lot, who can come up with lots of ideas of how to reduce outgoings so you can live within your means on the reduced income.

Emmzi

there are 2 separate agreements.

1. your agreement to buy a sofa. This stands.
2. your agreement to get credit. this now also stands. you could have cancelled it but you've still signed an agreement to buy a sofa.

You will find each agreement is with a different company. Cancelling one does not negate the other.

opinions4u

redsfan75 wrote: »

so i cant get out of the agreement? why?

There are two agreements here.

The order for a settee and the credit agreement.

If you can get the settee cancelled, the credit won't be released.

Id be amazed if the order for settee can be exited. You've signed up for it, they may well be part way through construction. There is only loss in it for DFS.

Sign a contract and you are expected to honour it.

Basic legal principle.

cos_2

DFS make the same suites over and over. I suspect there's a chance that they may listen to your plea and agree to cancel. They'll store it (they have warehouses) and sell it when the next person who wants the same one comes along. You'll need to convince them that your circumstances have changed and you are asking for their help.

As the loan is dependent upon delivery of the suite it would never be triggered.

tell_it_how_it_is

I'm by no means an expert, but as you've gone well past the cooling-off period and the finance contract has already been drawn up, I can't imagine there's any way out of it, certainly not without financial penalty.

It sounds like you've got three months before you have to start paying though, so maybe you could squirrel away a few quid here and there in advance of that to help towards the payments once they start?

gingeralan

redsfan75 wrote: »

so i cant get out of the agreement? why?

I am pretty sure that under EU law you hedge the right to cancel any purchase or agreement before it has started. Seek advice, but I am fairly sure if you have not taken delivery you can cancel. Dfs will try and tell you that you have signed a binding agreement but I do not think they can do this.

MonkeyMad

Only UK law in the UK. EU does not make law for us yet, it only feels that way. The may have directives, but this still needs to be enacted into UK law.

If the purchase was made face to face there is no general right of cancellation just because it has not been delivered yet (this may only be the case if the delivery date was stressed as material to the purchase and was not met). This is the case for everything you buy in a shop. DFS may claim they have sourced materials to manufacture the sofa on your request and indeed may be making it right now, so would expect to be compensated.

In any case depending on how the deal was done the sofa may already have been paid for by the finance company so it would be even less in DFS interest to cancel since they may have their money already

andy.m_2

redsfan75 wrote: »

so i cant get out of the agreement? why?

Because they are in business to make money, if they let people cancel after they legally dont have to, then everyone would pull out and they would make no money.

Sorry, sell it, make up the shortfall over the next 5 years while it's interest free.